Greystone Refinances Detroit-Area Multifamily Property

October 20, 2017

Greystone announced it has provided a $1,800,000 Freddie Mac Small Balance Loan to refinance Huron River Apartments in Wyandotte, MI. The transaction was handled by Cary Belovicz of Greystone Bel Real Estate Advisors and John Marr‍ of Greystone.

Huron River Apartments, comprising 53 market rate units, is located 11 miles south of Detroit. Mr. Belovicz advised the current owner, Epic Property Management, on the asset’s acquisition in 2015.

The Freddie Mac loan provided by Greystone carries a 20-year term with 10-years fixed and 10-years at an adjustable rate over a 30-year amortization.

“We are thrilled to continue expanding our relationship with Epic Property Management through the refinancing of existing portfolio holdings, and being able to provide them with their first Freddie Mac loan,” said Mr. Belovicz. “Having the capability to provide a robust suite of solutions for multifamily property owners enables us to act as a true partner with clients to maximize their holdings, and we greatly value that relationship.”